{
 "as_of": "2026-11-06",
 "cmr": "de-cm-kg/XETRA/DEF",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# DEFAMA AG (Xetra: DEF) — research page\n\nAs of 2026-11-06 · de-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is DEFAMA AG, listed on Xetra under ticker DEF, with ISIN DE000A13SUL5 and LEI 3912004WNM7UGIX4VA13. Its security type is Corporate and its segment is DEUTSCHLAND. Its sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its jurisdiction is Germany (Handelsregister HRB). The listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 6 filings in the window 2025-11-06 to 2026-11-06, across 4 filing days. The median gap between filing days is 65 days. The latest filing is dated 2026-11-06, is of type ad_hoc, and is 0 days before the record date of 2026-11-06. Of the filings, 2 are ad_hoc and 4 are corporate_news. For the 419 issuers on Xetra the median cadence gap is 22.8 days, the median filing count is 6 and the median latency is 5.5 days. The issuer's filing count of 6 equals that median. Sector peer medians are not on the record for market DE.\n\n## Auditor\n\nThe auditor of record is not on the record. The record carries the annual report link only, as a source link and not a read. Auditor location is not on the record, and auditor changes are not on the record because this register has no lifecycle type map.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map. The halt flag shows the issuer as listed, not halted.\n\n## Orderability\n\nThe outcome is determinable for all three client categories under rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, with chapter as of 2026-11-04. Professionelle Kunden, Privatkunden and Geeignete Gegenparteien each carry signal ACM-200.\n\n## Coverage\n\nThe issuer's investor-relations page names 7 research houses: M.M.Warburg, Baaderbank, LBBW, M.M. Warburg & CO, Baader Europe, SRC Research and Bankhaus Metzler.\n\n## Open research\n\nThe record holds 3 openly published research notes. Baader Helvea Equity Research published on 2025-07-23, M.M.Warburg on 2024-10-21, and Baader Europe Research on 2023-03-13.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe vintage is not sealed for market DE. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record began date is not on the record.\n\n## Sources\n\n11 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/3912004WNM7UGIX4VA13 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.de-cm-kg.ai/events/XETRA/DEF (the disclosure lines)\n- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list (the halt flag)\n- https://mcp.de-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://defama.de/investoren/research/ (coverage)\n- https://defama.de/wp-content/uploads/2025/07/Baader_2025-07-23_update.pdf (open research)\n- https://defama.de/wp-content/uploads/2024/10/Warburg_2024-10-21_DEFAMA_Comment_en.pdf (open research)\n- https://defama.de/wp-content/uploads/2023/03/Baader_2023-03-13_full_research_note.pdf (open research)\n- https://mcp.de-cm-kg.ai/record/XETRA/DEF (the record)\n",
 "market": "DE",
 "node": "de-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the DE vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "market": "DE",
    "reason": "Width 0 records the annual report link only (ORDER-015: source link, not a read)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "DE",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "DE",
    "state": "not_on_record"
   },
   "changes": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "de-cm-kg/XETRA/DEF",
  "coverage": {
   "count": 7,
   "houses": [
    {
     "house": "M.M.Warburg",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "Baaderbank",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "LBBW",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "M.M. Warburg & CO",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "Baader Europe",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "SRC Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    },
    {
     "house": "Bankhaus Metzler",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://defama.de/investoren/research/",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://defama.de/investoren/research/",
     "result": "read: 7 of 8 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 419,
     "median_cadence_gap_days": 22.8,
     "median_filings": 6,
     "median_latency_days": 5.5,
     "name": "Xetra"
    },
    "sector": {
     "market": "DE",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "ad_hoc": 2,
    "corporate_news": 4
   },
   "cadence_median_gap_days": 65,
   "filing_days": 4,
   "filings": 6,
   "latency_days": 0,
   "latest": [
    {
     "category": "ad-hoc",
     "date": "2026-11-06",
     "source": "https://www.eqs-news.com/news/ad-hoc/defama-deutsche-fachmarkt-ag-beschliest-offentliches-aktienruckkaufprogramm-zum-preis-von-1800-euro-je-aktie/c4192f62-fcec-4aaa-9688-aa3d6fac2fc6_de",
     "title": "DEFAMA Deutsche Fachmarkt AG beschließt öffentliches ...",
     "type": "ad_hoc"
    },
    {
     "category": "ad-hoc",
     "date": "2026-11-06",
     "source": "https://www.eqs-news.com/de/news/ad-hoc/defama-deutsche-fachmarkt-ag-beschliesst-oeffentliches-aktienrueckkaufprogramm-zum-preis-von-1800-euro-je-aktie/c4192f62-fcec-4aaa-9688-aa3d6fac2fc6_de",
     "title": "DEFAMA Deutsche Fachmarkt AG beschließt öffentliches ...",
     "type": "ad_hoc"
    },
    {
     "category": "corporate",
     "date": "2026-10-30",
     "source": "https://www.eqs-news.com/news/corporate/defama-vergrosert-portfolio-auf-100-standorte/23ee12cc-6ab7-4afa-9dae-2be9da0d2479_de",
     "title": "DEFAMA vergrößert Portfolio auf 100 Standorte | Corporate",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-10-30",
     "source": "https://www.eqs-news.com/de/news/corporate/defama-vergroessert-portfolio-auf-100-standorte/23ee12cc-6ab7-4afa-9dae-2be9da0d2479_de",
     "title": "DEFAMA vergrößert Portfolio auf 100 Standorte | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-08-26",
     "source": "https://www.eqs-news.com/news/corporate/defama-wachst-im-ersten-halbjahr-2026-weiter-bei-leichtem-ruckgang-des-ffo/aa56cb10-5b93-4d9d-bef4-e643a751b274_de",
     "title": "DEFAMA wächst im ersten Halbjahr 2026 weiter bei leichtem Rückgang des FFO | Corporate - EQS News",
     "type": "corporate_news"
    }
   ],
   "latest_filing_date": "2026-11-06",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/DEF",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Xetra"
   },
   "isin": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "confirmed",
    "value": "DE000A13SUL5"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (registeredAs)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/3912004WNM7UGIX4VA13",
    "state": "sourced",
    "value": "Germany (Handelsregister HRB)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-09",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN DE000A13SUL5)",
    "state": "sourced",
    "value": "3912004WNM7UGIX4VA13"
   },
   "name": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEFAMA AG"
   },
   "sector": {
    "market": "DE",
    "reason": "the Xetra instruments file carries index membership, not a sector classification",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEUTSCHLAND"
   },
   "ticker": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEF"
   },
   "website": {
    "market": "DE",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "DE",
  "node": "de-cm-kg",
  "numbers_hash": "sha256:391983a9f3d9a2b30f6dbf4ae361b65ffdf230f1e027efd312ecb3848ea9183f",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [
    {
     "date": "2025-07-23",
     "kind": "issuer-sponsored",
     "publisher": "Baader Helvea Equity Research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://defama.de/wp-content/uploads/2025/07/Baader_2025-07-23_update.pdf",
     "state": "sourced",
     "title": "Strategy/Economics"
    },
    {
     "date": "2024-10-21",
     "kind": "issuer-sponsored",
     "publisher": "M.M.Warburg",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://defama.de/wp-content/uploads/2024/10/Warburg_2024-10-21_DEFAMA_Comment_en.pdf",
     "state": "sourced",
     "title": "DEFAMA Deutsche Fachmarkt AG Buy EUR 32.40"
    },
    {
     "date": "2023-03-13",
     "kind": "issuer-sponsored",
     "publisher": "Baader Europe Research",
     "read_by": "the note's link answers (200 application/pdf); a document, not read as text",
     "read_date": "2026-11-12",
     "source": "https://defama.de/wp-content/uploads/2023/03/Baader_2023-03-13_full_research_note.pdf",
     "state": "sourced",
     "title": "Fundamental Strength"
    }
   ],
   "state": "found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Professionelle Kunden",
    "Privatkunden",
    "Geeignete Gegenparteien"
   ],
   "outcomes": {
    "Geeignete Gegenparteien": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Privatkunden": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Professionelle Kunden": {
     "determinable": true,
     "signal": "ACM-200"
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.de-cm-kg.ai/book/aio.json",
    "door": "https://mcp.de-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1",
   "section": "de.aio.v13"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.de-cm-kg.ai/record/XETRA/DEF",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-09",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:391983a9f3d9a2b30f6dbf4ae361b65ffdf230f1e027efd312ecb3848ea9183f",
 "path": "/de/XETRA/DEF",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is DEFAMA AG, listed on Xetra under ticker DEF, with ISIN DE000A13SUL5 and LEI 3912004WNM7UGIX4VA13. Its security type is Corporate and its segment is DEUTSCHLAND. Its sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its jurisdiction is Germany (Handelsregister HRB). The listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 6 filings in the window 2025-11-06 to 2026-11-06, across 4 filing days. The median gap between filing days is 65 days. The latest filing is dated 2026-11-06, is of type ad_hoc, and is 0 days before the record date of 2026-11-06. Of the filings, 2 are ad_hoc and 4 are corporate_news. For the 419 issuers on Xetra the median cadence gap is 22.8 days, the median filing count is 6 and the median latency is 5.5 days. The issuer's filing count of 6 equals that median. Sector peer medians are not on the record for market DE.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is not on the record. The record carries the annual report link only, as a source link and not a read. Auditor location is not on the record, and auditor changes are not on the record because this register has no lifecycle type map.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, because this register has no lifecycle type map. The halt flag shows the issuer as listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is determinable for all three client categories under rule version acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, with chapter as of 2026-11-04. Professionelle Kunden, Privatkunden and Geeignete Gegenparteien each carry signal ACM-200.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 7 research houses: M.M.Warburg, Baaderbank, LBBW, M.M. Warburg & CO, Baader Europe, SRC Research and Bankhaus Metzler.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "The record holds 3 openly published research notes. Baader Helvea Equity Research published on 2025-07-23, M.M.Warburg on 2024-10-21, and Baader Europe Research on 2023-03-13.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The vintage is not sealed for market DE. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record began date is not on the record.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "11 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/3912004WNM7UGIX4VA13"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/DEF"
  },
  {
   "for": "the halt flag",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.de-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://defama.de/investoren/research/"
  },
  {
   "for": "open research",
   "source": "https://defama.de/wp-content/uploads/2025/07/Baader_2025-07-23_update.pdf"
  },
  {
   "for": "open research",
   "source": "https://defama.de/wp-content/uploads/2024/10/Warburg_2024-10-21_DEFAMA_Comment_en.pdf"
  },
  {
   "for": "open research",
   "source": "https://defama.de/wp-content/uploads/2023/03/Baader_2023-03-13_full_research_note.pdf"
  },
  {
   "for": "the record",
   "source": "https://mcp.de-cm-kg.ai/record/XETRA/DEF"
  }
 ],
 "title": "DEFAMA AG (DEF) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}